Ann: PEP11 Option Update, page-126

Whilst acknowledging the attraction of Alvares it is worth thinking a little outside the box. Looking at the Hx of Alvares it is unlikely that it is a 1 off. Many wells were drilled in the 80’s that found gas not oil and so were abandoned. Those that were technically competent with proven gas resources are the low hanging fruits that have been picked up I presume but like Alvares where technical problems prevented a full data set, there are others that were overweighted with mud etc that leaves them tantalisingly open to a sidetrack for large spoils. In other words gas was discovered but the extent remains obscure. Going back to the seismic and comparing it with the drill would give one reasonable confidence to justify a re entry. These Alvares look alikes have equal potential and may be more amenable to rapid exploitation. The landholders would be justifiably frustrated. 2 or 3 Alvares wells would be very nice.